Gold-for-oil: We changed licensing regime to track gold purchases – PMMC

The Precious Minerals Marketing Company (PMMC) has noted that since the beginning of the gold-for-oil programme it has implemented measures to ensure that there is regulation regarding gold purchases.

According to the Managing Director of PMMC, Nana Akwasi Awuah, said his institution has ensured that there is responsible sourcing that takes care of some mishaps that may characterize gold purchases.

He added that the licensing regime was changed to track all gold purchases.

“Indeed, responsible sourcing is the key thing when it comes to maintaining relevance within the global market when it comes to gold. PMMC is not left out and Ghana is not left out,” Awuah said.

“We fully understand the implications of irresponsibly sourced gold… when the Bank of Ghana launched its domestic gold purchase programme, it was one of the things they did insist on, that PMMC needs to ensure that gold is responsibly sourced.

“We had to change our licensing regime, to ensure those we buy gold from, file their returns with PMMC to ensure that we track the process of all gold purchases by our licensed traders,” the PMMC boss was quoted by asaasenews.com.

SSD/NOQ

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